Colonial building under contract
Cosby Woodruff • Montgomery Advertiser • September 30, 2010
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The former Colonial BancGroup headquarters in east Montgomery is under contract, according to the listing broker.
John Stanley, owner of John Stanley and Associates, confirmed an offer has been made and accepted on the property, but he refused to discuss the sale price or identify the buyer. Stanley said he expected the buyer to use the building for office space, but would not say whether it would be leased space or not.
The Federal Deposit Insurance Corporation took over the property following Colonial Bank’s failure last year. It offer the building to BB&T, which took over Colonial operations, but BB&T declined.
The FDIC then listed the building for $13.5 million.